I've done it on a 11 Gig HD, so I don't forsee any problems for you.
I did a clean install (after backing up) and unchecked a lot of the printer drivers that I know I'll never need. I don't remember what I did with the languages...
Enjoy, a fresh install is like a whole new Mac. It whizzes! (Even on a G3 500!)
Now, if I could only figure out what I need to install again, I would do it to my iMac G4...